“We must revolutionise how we serve the underserved,” says Pru Life UK CEO and president Sanjay Chakrabarty, crystallising his vision for the company.
Shirtsleeves rolled up and sitting up straight in his chair, Mr Chakrabarty exudes optimism.
A veteran of retail finance with 25 years of experience across Asia, Mr Chakrabarty sees a unique opportunity in the Philippines.
“All the big players are present in this market. Many have been around for over 100 years.”
“Yet the country’s insurance premium volume to GDP ratio is less than 2%,” he said.
Taking the helm in 2Q2024, the former CEO of Prudential’s Cambodia-Laos-Myanmar hub, Mr Chakrabarty now leads the Manila HQ with a bold vision which is to make life insurance accessible to everyone in the Philippines.
Personalised protection for every Filipino
Pru Life UK plans to reach underserved segments of the population by offering affordable, bite-sized insurance products, such as personal accident and critical illness coverage.
“A personal accident product that we have sold in the past in markets such as Cambodia can cost as little as $10 a year,” said Mr Chakrabarty. “These are micro products affordable to everyone.”
The company aims to diversify its product range to cater to different customer segments, including traditional protection, investment-linked and critical illness policies.
Additionally, Pru Life UK is in discussions with the local Insurance Commission about launching takaful products for the Muslim minority community, furthering its commitment to inclusivity.
Broadening horizons
To increase its reach, Pru Life UK is exploring new distribution channels. Despite lacking a local banking partner, its 38,000-strong agency force has been instrumental in driving growth.
The company is seeking to complement this with new sales partnerships, particularly B2B and B2B2C collaborations with rural banks and pharmaceutical companies.
The goal is to extend Pru Life UK’s reach, tapping into new markets in remote areas across the Philippines.
“For the business to be sustainable long-term, we have to be relevant to everyone in the country,”
Mr Chakrabarty asserts passionately.
AI: Transforming customers’ experience
Technology is at the forefront of Pru Life UK’s strategy to enhance the customer experience. The company’s customer onboarding platform simplifies the insurance purchasing process, enabling agents to complete transactions in minutes.
Mr Chakrabarty believes that AI can revolutionise efficiency in lead management:
“An AI platform could validate leads from social media, connect with prospects and verify contact details, streamlining the entire process.”
However, he believes other areas of AI need to be handled with care.
“People thought AI would somehow magically transform underwriting, but this will take time because we have to ensure regulators are onboard. It’s okay to be cautious on certain fronts,” he said.
Ultimately, though, for Mr Chakrabarty - a devoted husband and father - the company must never lose its renowned human touch.
“Our customers are our compass. Customer care goes beyond just deploying an app, website, or new-fangled technology. It is really the human element that helps us stand apart,” he said.
World-beating reputation
While optimistic about the potential for growth, Mr Chakrabarty acknowledged challenges in the industry.
As people live longer, worries about quality of life and rising healthcare costs, intensified by inflation, are mounting.
Climate change also presents challenges, impacting health and wellbeing. This has prompted insurance companies to play a significant role in sustainability efforts.
Despite these pressures, Mr Chakrabarty remains upbeat.
“One of the things that Pru Life UK is extremely proud of is how agile and nimble we are and how quickly we can adapt to changes and deploy technology to serve our clients best, especially during the pandemic,” he said.
In less than 30 years, Pru Life UK has emerged as a market leader in new business annual premiums and total premium income from variable life insurance products.
Mr Chakrabarty now wants to consolidate Prudential’s world-beating reputation.
“We are very clear on our purpose, we are here to serve the Filipino community,” he said. A